Secured homeowner loans and car loans? – Brilliant Loans have the answer
If you’re struggling to find your way through the maze of secured homeowner, car and other loans available nowadays, you no doubt have lots of questions. That’s where Brilliant Loans can help…
To guide you through the ins and outs of borrowing, we’ve compiled a selection of the questions that we’re most often asked about secured homeowner loans, secured car loans, repayment periods, credit ratings – in fact just about everything you can think of loan-wise!
Secured and unsecured loans: your questions answered
With Brilliant Loans you can rest assured that your finances are in good hands. Our knowledgeable secured loan advisers are standing by to answer questions such as:
How much can I borrow with a Brilliant Loan?
Between £5,000 and £100,000.
Do I have to be a homeowner?
Yes, you do for a secured loan – but not for an unsecured loan.
How much will I have to repay each month?
Check our loan calculator to give you an indication of monthly costs.
What can I use a Brilliant Loan for?
There are many ways in which you can choose to spend the loan money, for example:
- Debt consolidation.
- Home improvements.
- New car.
- School/University fees.
- Travelling.
- Holiday.
Loans are available for almost any purpose.
How quickly can I receive the money?
We aim to provide an approval in principle within 24 hours of your application. You will be kept informed of progress at all stages. Professional loan processors will then guide you through the loan process; delivering the cash you need in the shortest possible time. Our relationships with the lenders means we can go through the procedure more quickly than most.
Which criteria must I meet in order to be able to apply for a secured loan?
You must be 18 and over and must normally have a minimum annual income of £10,000. They must also be permanent residents in the United Kingdom.
Can I submit an application even though I’m self-employed?
Yes, we welcome applications from self-employed people, even if it is difficult for them to prove their income.
What if I have County Court Judgments, mortgage arrears or defaults?
Don't worry! We have lenders that specialise in helping people who wouldn't normally be able to obtain finance.
Can I consolidate my credit and reduce my monthly outgoings?
Yes, you can cut your monthly repayments by a massive amount! A secured debt consolidation loan is the answer if your debts are becoming unmanageable, you can switch all of your outstanding balances into one easy monthly repayment.
What does APR mean?
This is the total cost of the loan, including the interest charges and product fees, shown as a percentage. The APR is an industry standard calculation and enables direct comparison of loans.
What is a credit check?
Each lender will use an official credit reference agency to make a search on your name and address, and any previous addresses. All credit reference agencies are bound by the Data Protection Act.
What about PPI? (Payment Protection Insurance)
Payment Protection Insurance (PPI) is offered to borrowers so that they can maintain repayments on their secured loan and avoid getting into debt if they have an accident, are sick or become unemployed.
One of the major criticisms of PPI is that it is mis-sold to customers and can significantly increase monthly repayments. Brilliant Loans does not sell PPI, we allow you to decide if you need it. PPI needs careful consideration and we can then put you in contact with a reputable provider to discuss whether this is right for you.
Do you offer unsecured loans?
Yes, Brilliant Loans have access to a range of quality Unsecured lenders and can source the right product for your circumstances. A personal loan and an unsecured loan are identical however some lenders use different terminology to describe the same product.
What is a Consideration Period?
Secured loans are classified as regulated and involve observing consideration periods. The borrower is sent advance copy documents. A clear 8 days are given for the borrower to consider the loan before the signable loan documents are posted to them. The borrower then has a further 8 days to consider the loan before any contact can be made by Brilliant Loans. During this period we are not allowed to initiate contact with the borrower, unless we are in receipt of signed contracts or responding to a specific client enquiry.
Can’t find the question you need answered?
No problem. Remember Brilliant Loans are here to help.
Email your loan queries to us at enquiries@brilliantloans.co.uk – we aim to respond within 24 hours. Alternatively call one of our friendly advisers on 0800 980 2515 for more information.
Whatever sort of loan you’re interested in – be it a secured homeowner loan, a secured car loan or a loan for (virtually!) any purpose – contact Brilliant Loans today.
